Ford said on Friday its Jaguar Formula One team would pull out of the sport at the end of the 2004 season and its Cosworth engine company was also up for sale.
"After a thorough review over many months, Ford Motor Company has decided it can no longer make a compelling business case for any of its brand to compete in Formula One," Joe Greenwell, chairman of Jaguar and Land Rover, said in a statement.
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Ford vice-president Richard Parry-Jones, the man in overall charge of the Formula One operations, said there were a number of parties interested in buying the Jaguar team.
But he could not guarantee a sale would go ahead.
"If it does not, we would be forced to face a closure scenario but we're not thinking about that at the moment," he said.
Cosworth supply struggling Jordan and Minardi and the loss of those engines could hit the two smallest, privately-entered teams hard.
Jaguar entered Formula One in 2000 after Ford took over the Stewart team founded by three-times world champion Jackie Stewart in 1997.
They have had a turbulent four seasons, yet to win a Grand Prix and going through numerous changes of leadership since Stewart stood down as the first team principal before the start of the 2000 season.